Ecuador To Follow In Venezuela's Footsteps

Ecuador's Energy Minister Fausto Cordovez will review oil production contracts:

In an interview with the daily Expreso, Energy Minister Fausto Cordovez said if the contracts "are well formulated and within legal and ethical norms ... they will be respected." He added that he was not trying to cause panic, but that "if the multinationals believe that a nationalist minister is going to do them harm, they will have to make a decision. I'm not going to be frightened by the threat of someone leaving."

Oil brought in about $2.13 billion in 2004 to Ecuador. The new government, as with Venezuela, looking to buy votes, and wants to put the squeeze on foreign oil companies.